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19/02/2004
Late payment culture shows no signs of abating
Large companies are the worst offenders when it comes to making late payments - more than five years after the government brought in legislation to tackle the problem - according to a survey conducted for business consultancy group Experian.
For larger companies, the average payment period has increased from 72.1 days in 1998 to 78.5 days in November 2003 – an increase of 6.4 days.
The average payment period by companies in the UK, at 58.4 days, is longer than when government legislation was introduced in 1998, an average increase of half a day.
Compared to six months previously, the survey found the average length of time prior to payment for:
"Not only is our overall payment period longer than most of our European competitors, we also pay further beyond agreed terms than all other European countries. Late payment is a misguided and short-term measure, which ultimately wastes valuable resources and leads to more bad debt, less trust between companies and higher costs for consumers."
Experian advise that contracts should clearly state when payments are due, avoiding common areas of confusion, such as when the payment is due - 30 days after the invoice date or the delivery date.
Companies should adopt clearly defined complaints procedures and service levels for resolving complaints can help to resolve disputed debts quicker. Measures such as payment by Direct Debit and discounts for early payment should also be considered to help reduce the problem.
Experian said that many organisations were ignoring these points during the sales process.
The UK delays payment on average by more than any other major European economy – by 27 days compared to eight days in Sweden, 17 days in Germany, 14 days in Switzerland, 10 days in France and 21 days in Italy.
(SP)
For larger companies, the average payment period has increased from 72.1 days in 1998 to 78.5 days in November 2003 – an increase of 6.4 days.
The average payment period by companies in the UK, at 58.4 days, is longer than when government legislation was introduced in 1998, an average increase of half a day.
Compared to six months previously, the survey found the average length of time prior to payment for:
- medium-sized companies had decreased by 0.5 days to 57.9 days
- and small companies had increased by 0.6 days to 57 days.
"Not only is our overall payment period longer than most of our European competitors, we also pay further beyond agreed terms than all other European countries. Late payment is a misguided and short-term measure, which ultimately wastes valuable resources and leads to more bad debt, less trust between companies and higher costs for consumers."
Experian advise that contracts should clearly state when payments are due, avoiding common areas of confusion, such as when the payment is due - 30 days after the invoice date or the delivery date.
Companies should adopt clearly defined complaints procedures and service levels for resolving complaints can help to resolve disputed debts quicker. Measures such as payment by Direct Debit and discounts for early payment should also be considered to help reduce the problem.
Experian said that many organisations were ignoring these points during the sales process.
The UK delays payment on average by more than any other major European economy – by 27 days compared to eight days in Sweden, 17 days in Germany, 14 days in Switzerland, 10 days in France and 21 days in Italy.
(SP)
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17 December 2001
Late invoice payment could lead to job losses
Three years after the Government brought in legislation to reduce late payment of invoices, a new survey from Experian has revealed that companies are still taking too long to pay their bills.
Late invoice payment could lead to job losses
Three years after the Government brought in legislation to reduce late payment of invoices, a new survey from Experian has revealed that companies are still taking too long to pay their bills.
23 August 2002
Conference highlights £1.27bn SME sector funding
A major European conference next month aims to help small firms to access the £1.27 billion of cash aid available to SMEs throughout the UK.
Conference highlights £1.27bn SME sector funding
A major European conference next month aims to help small firms to access the £1.27 billion of cash aid available to SMEs throughout the UK.
03 June 2004
UK has fewer work stoppages than ever
UK work stoppages fell to 133 last year, the lowest on record, according to the June edition of Labour Market Trends out today. This new low, which saw working days lost in 2003 total 499,100, compares with 146 stoppages (1.323 million days lost) in 2002 and 194 stoppages (525,100 days lost) in 2001.
UK has fewer work stoppages than ever
UK work stoppages fell to 133 last year, the lowest on record, according to the June edition of Labour Market Trends out today. This new low, which saw working days lost in 2003 total 499,100, compares with 146 stoppages (1.323 million days lost) in 2002 and 194 stoppages (525,100 days lost) in 2001.
31 May 2002
Measures to curb late payment of commercial debt
Enterprise Minister, Sir Reg Empey, has welcomed the introduction of a new package of measures to help combat late payment of bills, announced by the DTI’s Small Business Minister, Nigel Griffiths.
Measures to curb late payment of commercial debt
Enterprise Minister, Sir Reg Empey, has welcomed the introduction of a new package of measures to help combat late payment of bills, announced by the DTI’s Small Business Minister, Nigel Griffiths.
06 July 2012
Belfast To Host Major International Business Conference
Belfast is to host a major international business conference in April 2013. The annual Global India Business Forum brings together more than 350 chief executives from major Indian companies to meet with their European counterparts to examine the potential for trade development and investment between the two regions.
Belfast To Host Major International Business Conference
Belfast is to host a major international business conference in April 2013. The annual Global India Business Forum brings together more than 350 chief executives from major Indian companies to meet with their European counterparts to examine the potential for trade development and investment between the two regions.
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